Common Sense

You're the kind of person
You meet at certain dismal dull affairs
Center of a crowd, talking much too loud
Running up and down the stairs
--Rolling Stones

Many folks don't care for Peter Schiff because he just lays out there--well reasoned thoughts with little concern for politics. Of course, that's why I like him.

He saliently observes that a healthy economy does not depend on credit. Rather, it depends on savings. In the long run, credit is limited by the stock of savings.

Since U.S. savings have been pathetically low, is it any surprise that credit has been drying up?

So policymakers continue to noodle over how to jam more credit into a system with no savings to back it up. And how to increase government's role in 'fixing' things.

Look out below.